New York, January 11 (QNA) – Gold prices were hemmed into a narrow range on Wednesday as investors held back from making large bets ahead of key US inflation data due later this week.
Spot gold was little changed at $1,875.68 per, hovering near the eight-month high hit on Monday. US gold futures rose 0.2% to $1,879.30.
Gold is considered an inflation hedge, but is highly sensitive to rising interest rates, which increases the opportunity cost of holding the non-yielding bullion.
Federal Reserve governor Michelle Bowman said on Tuesday that the US central bank will have to raise rates further to combat high inflation and that will likely lead to softer job market conditions.
Spot silver rose 0.1% to $23.63, while platinum fell 0.5% to $1,075.11. (QNA)